And a neutral tile back splash.  

I have purchased a duplex in San Diego county that my projections showed about cash neutral at purchase. 

The morale of this post by @Jonathan A. is always get your own lawyer or shared attorney to saved costs but attorney would be neutral in the beginning to write and/or review all partnership contracts before signing any thing.

A lot of companies/people will talk cap rate because it sounds official, but a cap rate is used as a neutral comparison of two properties that are different in nature but have historical data to look at.  

Some states are tenant friendly and some landlord friendly and others neutral.

I care more about my costs on the investment than what the holding costs are because the tenants pay the holding costs (assuming at least cash neutral).Related to item 2 and 3, the cost is not just the cost but the loss of return if that money was used for a different investment.Unless you have a 7 digit salary, it is tough to accumulate significant wealth without leverage.  

If the property has three bedroom and two full bath then just go ahead and do a nice neutral paint job, get $10 sq. yard carpet (apartment grade installed price), make sure all appliances and HVAC + water heater is working well and list it for rent.

SEOs are never neutral - they either help you or harm you.

I do not want them sitting dead in unnecessary equity in a RE.95% LTV cash neutral RE has a 5% appreciation year implies 100% return for the year. 

Appreciation has slowed, the market has neutralized, but I don't see any reversing yet.